McCarthy was sacked following a 5-1 defeat to rivals West Brom in February, with the club in the relegation zone on goal difference.

But they failed to find a replacement, and were publicly rejected by Alan Curbishley and Walter Smith before eventually appointing McCarthy’s assistant Terry Connor on a temporary basis.

In five games since Connor took charge Wolves have claimed a solitary league point, a dismal run of form which has seen them slump to the bottom of the Premier League table.

And McCarthy has told talkSPORT he could not rule out returning to Molineux in order to help them in their relegation fight.

“I would never say never, that is all I can say” he said. “Stranger things have happened. Carlos Tevez played for Manchester City on Saturday.

“But I think that is a challenge for somebody else, I have done my time. I would never say never and someday it may happen but I don’t think that is going to be the case now and I am looking forward to a fresh challenge as well.”